Category Archives: Career Seekers

How to Financially Plan for a Startup Business

As the world of work changes, more and more people are taking steps to go into business for themselves. Sometimes this is done via freelancing, the gig economy, or simply by launching a startup company. However, making the right moves when launching a startup business is absolutely imperative and can be the determining factor in success or failure. One of the biggest and most common mistakes made by aspiring entrepreneurs is the failure to engage in full financial preparation. Thankfully, there are a series of steps that each person can take as they work to create or get their startup business off the ground.

Write an Excellent Business Plan

According to reports from Inc, having an understanding of the financial section of a business plan is paramount for any startup. This includes taking note of matters such as accounting, cash flows, profits/losses, etc. Essentially, the purpose of a business plan is to serve as a guide for how the entrepreneur will run his or her own business. Without a business plan, it is impossible to assess the structure of the startup and determine what is needed in order to turn it into a success.

Unfortunately, many entrepreneurs who are new to the world of business and startups remain unaware of how to write business plans. In these particular cases or situations, hiring a professional or accountant to help one come up with a business plan can be wise. Even though the added fee of doing so may seem initially scary, it is a worthy investment. The fact of the matter is that anyone who is serious about success and launching their startup needs to have a clearcut business plan. It is the only way. Going forth without one is a virtual guarantee for disaster.

Determine How to Manage the Day-to-Day Operations

Financial planning for any startup business is all well and good; however, management of the day-to-day operations is equally as critical. As noted by Startup Grind, the ins and outs of accounting play a very big role in whether or not one succeeds or fails in business. Thankfully, there are a variety of apps which can help with day-to-day tasks such as creating invoices and estimates, tracking transactions, generating receipts, managing payroll, pitching to investors, and more. The list, quite literally, goes on and on.

Some of the available apps to manage the aforementioned tasks (and others) include PlanGuru, Wave, FileThis, and CalcXML.

A Final Word

The intricate and required financial planning that comes with building a startup business should never serve as a deterrent or a cause of discouragement. While getting starting as an entrepreneur can be difficult in the beginning, the merits and rewards which come later are indescribable and immense. As automation and artificial intelligence begin to emerge into society, business ownership and self-employment will be some of the most lucrative ways to build a life and ensure financial and job security.

Putting in the work now ensures that entrepreneurs are able to reap the benefits later.

Authored by Gabrielle Seunagal

An Overview of Freelancing and the Gig Economy

As the world changes, so do work options and the workforce in general. The inevitable emergence of artificial intelligence and automation has also played a role in the shift and perception of work. Traditionally, when most people thought of work, they were reminded of a specific place where they went to offer a particular service or product. However, this, too, is changing. More and more people are rejecting notions of traditional work and pursuing other options and avenues such as freelancing and the gig economy. Findings from the Harvard Business Report moreover affirm that over 150 million individuals across North America and West Europe are pursuing the aforementioned work avenues.

Thriving in the Gig Economy/Freelance Market

Many people dream of a carefree lifestyle where they can work when they want, how they want, and where they want. Despite the possibility and attainability of the foregoing lifestyle, it does not come without hard work. The first year as a freelancer can be most challenging. It takes time to network, get work from various customers, and build up a network of clientele. However, with persistence and gumption, it can be done.

One of the most important, yet frequently overlooked requirements for freelancers is the ability to work well with others. While many freelancers can work from their laptop in any location with internet access, they still have to interact with the clients who are contracting their services. The clientele is absolutely paramount to success in the gig economy. Without clients, freelancers have no business or autonomy.

Freelancers and others who work in the gig economy must also meet deadlines, complete assignments, and communicate with their customers. All of this goes back to the ability to work well with the clientele that breathes life into the freelancer’s ability to do what they do. The preceding requirements are applicable regardless of whether or not one is a freelance writer, editor, graphic designer, etc. While each field varies, the general must-haves remain the same across the board.

Getting Started in the Gig Economy/Freelance Market

When breaking into the gig economy, one of the most important factors entails knowing where to begin and how to reach clients. Thankfully, there are many job platforms such as Upwork, Fiverr, and Freelancer which are excellent for freelancers at all levels. Not only do the aforesaid platforms connect freelancers with clients, but they also allow freelancers to market their skills and abilities on their profiles. Clients who have worked with freelancers can then leave feedback on their profiles. If the feedback is positive, it may result in additional work. Feedback from past clients can also impact whether or not future prospective clients choose to do business with a freelancer or move onto others. As previously stated, clients are the ones who make it possible for freelancers to succeed in the gig economy.

A Final Word

There is no step-by-step success manual on how to succeed in the gig economy. Each freelancer will inevitably encounter their own difficulties and struggles that they must overcome in order to enjoy the perks. While each journey varies, the right tools, a strong work ethic, and the determination to succeed will make all the difference in the world.

Authored by: Gabrielle Renee Seunagal

Signs That You Should Go Into Business For Yourself

In current times, more and more individuals are choosing to go into business for themselves in one form or another. However, self-employment is not for everyone. Despite the many upsides and benefits that come along with entrepreneurship, going into business for oneself for the wrong reasons can have horrific impacts. Individuals who feel ready to take the plunge into self-employment should first make sure that going into business is their best course of action.

You Are Comfortable With Risk

Risk is an inherent factor which comes along with pursuing entrepreneurship and going into business for oneself. Some people are comfortable with risk, while others prefer to remain in their comfort zones and have a safety net. Neither inclination is right or wrong and nobody deserves to be shamed for either taking risks or playing it safe.

However, circumstances change considerably when an individual is thinking of going into business for themselves. Anyone who wishes to pursue self-employment needs to be comfortable with risk. Working for oneself is a venture which requires hard work, persistence, overcoming learning curves, and so much more. Some people will make it as entrepreneurs and others won’t. Risk comes with the territory of self-employment; those who are adverse to risk are more likely to fare well in professional avenues outside of entrepreneurship.

You Are Passionate

In the world of self-employment, passion is equally as important as comfortability with risk. Passion is what drives people and keeps them motivated. As pointed out by The Balance, motivation is critical for entrepreneurs and others who are going into business for themselves. Individuals who are passionate about their business ventures are considerably more likely to put in the hard work even when it’s difficult and go the extra mile.

Passion furthermore serves as fuel against critics and naysayers. Virtually everyone who has chosen to go into business for themselves has faced skeptics who have doubted their abilities. Self-employment may be a rising trend in the workforce, however, there are still some people who view traditional employment as a more practical, feasible line of work. Nevertheless, individuals who are truly passionate about going into business for themselves will not be swayed by critics.

You Are Willing to Work Hard

Anyone who wishes to succeed in life has to work hard in one way or another. This especially applicable for individuals who have decided to go into business for themselves. Entrepreneurship requires grit, persistence, and determination to succeed. The aforementioned traits are truly important for people who are just starting off. There will be bumps in the road, challenges, setbacks, and difficulties, but this should never halt one’s work ethic or determination to grow their business.

A Final Word

As the popularity of self-employment increases, more and more people will have to decide whether or not going into business for themselves is something they wish to do. Automation and other forms of technology are rapidly changing the world of work from what we once knew it to be. Those who decide to take the plunge and pursue entrepreneurship should always remember that risk, passion, and an unbeatable work ethic will serve them well.

Life Saving Tips For Canadian Families Today

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Lots of money saving advice does require an individual or family to change their lifestyle to be successful. We’ve talked before that it takes commitment to succeed financially–period. The cost of raising children has certainly increased significantly, approximately 40% today. Even the most frugal Canadian families can struggle financially, with the best methods in place. It can be a constant struggle for sure. Remember, there are simple, easy things you can do to help relieve family stress and easy monthly finances.

We do talk about this an awful lot, but each month the goal is to give you new, impressionable ways to make ends meet, save money and feel fulfilled without feeling like you’re depriving yourself. No one wants to live to work or simply work to live, it’s not a happy circumstance. A balance is what today’s Canadian family needs. Just making tiny changes can save a budget that might have been floundering for a very long time. From extreme couponing to simply teaching your children those important life lessons, just always keep in mind that every little change is a step in the right direction.

Top 6 Money Saving Ideals for Canadian Families

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Change your spending habits like you change your mindset about exercise. Scientists are finding that it takes approximately 3 weeks for an individual to get accustomed to exercising regularly. If you adjust your spending habits and mindset about money in the same way you’ll possibly stick to your goals. Let’s examine some of the most favorable money saving tips for Canadian families. When times are tough people do complain about not having enough, but it’s all a matter of how you look at your finances. Let’s get right to these tips and hope these improve your odds today!

  • Do you enjoy Cross Border shopping?  If so you’ll save some money with this tactic.  When you live near the border this can benefit you the most and you can really save quite a bit. 
  • Make certain you create a standard budget, and no matter an income increase you stick to that budget. This will really allow you to see your money mount up fast.
  •  If your mortgage has gotten outrageous for you, and you’ve lived in your home long enough to build up equity–consider downsizing. This will put some money in your pocket and some money in your savings.
  • You can also save on travel and commuting if you really play your cards right.  If your car guzzles gas, think about switching to a more economical car, one with flex fuel. You can also consolidate on trips. Invest in a good quality used car to really get your moneys worth.
  • Don’t forget that you can save a tremendous amount when shopping for child daycare! Don’t jump on the first center, or individual. You can work out a deal and even save at tax time as well.

 

 

 

 

 

 

 

Financial Secrets Every Job Quitter Should Know

So, you hate your job and want to quit? Are you really ready to do something like this? Don’t forget the everyday costs you have! While it is your personal choice to decide when to quit a position, it is also important to realize that decision has to be owned. If this is going to put you in a bad financial situation then you should wait. It’s smart to be wise and think twice! Let’s discuss some options and tricks that might help you make that smarter decision today! Many Canadian families rely on both partners working, so if one ups and decides to just quit–there has to be a strategy. Let’s examine some thoughts.

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If you’re going to quit your job you really have to have some kind of financial backup plan. Let’s face it. No one can just up and quit work without dealing with some kind of financial distress–that is, if they have no plan in place. Just to begin, you have to analyze your financial circumstances very well and determine if this is really the year that is right for quitting your job. Only you know if it is the right time for attempting to start over somewhere else. If you’ve been preparing for such a move, then that is great. If you have not then you need to make certain you have enough to sustain you and your family for several months. This will alleviate a great deal of financial stress.

Right now, 47% of Canadians are committed to staying on track financially, which is great. With this in mind, it is pretty certain hasty work decisions are minimal, but of course, things can happen too. When you’re resolved to be financially ready to leave your job, then you have a step up. This is a good thing. However, if you are intent on finding a career position that is going to help you gain a foot hold over debt and assist you in meeting financial goals–right now might be the best time.

The following tips and strategic advice might be helpful to Canadians who are unsure where to start, what they should be doing, and what needs should be in order. Hopefully those leaving their current positions have started banking resources and have a starting plan.  Let’s now turn to some helpful advice and tips now.

The Importance of Cutting Expenses When Quitting Your Job

Of course it makes rational sense to cut back on your expenses when you quit your job. Even if you have a nest egg put back, this can go fast with no income coming in. Once you’ve made that step into new territory you have to itemize and make priorities. You have to be willing to cut back on excessive items and with regard to food, you have to be more willing to go with no name brands on some items. Of course, this isn’t forever, but it is until you find that position you’ve been searching for.  The below list will help you stay on task and keep the important things in order!

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  1. Make sure you have your mortgage in order–Banks don’t care about why you left your job, they only care about ensuring they get paid! You have to make certain you can pay your mortgage and keep a roof over you and your family’s head. This is when you have to know where to cut back and what is most important to pay on time! Also, if you don’t own a home yet, quitting your job could really hurt your chances down the road. Banks frown on those who just up and quit. This could impact your chances for more than 3 years, so once again–have a plan!
  2. Don’t let tax time catch you unprepared–If you quit your job to start out on self employment you need to have an idea of what those end of year taxes are going to be like. It might not be the wisest decision to run your own freelance business at this time. Decide if you’ll be doing better financially working on your own and choose wisely! This has to be sustainable for the long-term. There is no skirting taxes.
  3. Don’t take out loans and don’t borrow from anyone–You have to stand on your own two feet, so forget a loan or borrowing–even if this is from family. Once you make the decision to quit your job you have to own it and accept the consequences. Be prepared and ready!
  4. Create consistent income–If you’re going to work for yourself then you’re going to have to develop a plan to guarantee the same amount of income week to week and month to month. There can be no variation if you’re going to meet all financial goals and save money too. Be smart here and know what you’re getting into!
  5. Don’t just count on will-power–If you don’t devise a way to save money before you even see it, will power alone won’t help you much. Most people always find an excuse to spend, but if you can have money taken from your pay before you even get it, that guarantees saving and having when you need it the most!